Birch Close
Hay-on-Wye, Powys
4
Homes
£133,000
Starting from

About this development

Wales & West Housing are excited to offer low cost homes on a new development in Hay-on-Wye.
Part of the Readers Retreat development, these low cost homes offer buyers the opportunity to purchase homes at 70% of their market value. The three bedroom plots that are available offer modern comfortable accommodation with a garden to rear and allocated parking.

The properties offer:

  • 3 Bedrooms
  • Downstairs WC
  • Kitchen
  • Gas central heating
  • Lounge
  • Fully-enclosed garden
  • Off-road parking for 2 cars

 

Location
Development
What is the low cost home ownership scheme?

This scheme is operated by Wales & West Housing in partnership with the local authority to assist first time buyers* who want to get onto the property ladder but cannot meet the full cost of buying their first home.

Homes under the schemes are offered to buyers at 70% of the open market value. You would own the property outright but Wales & West Housing would hold a legal charge on the remaining 30% equity share. You would only need to raise a mortgage/deposit for the 70% and no interest or rent would be payable on the 30% equity share.

Successful applicants will need to demonstrate by way of a mortgage in principal that they are able to finance 70% of the property value. A deposit of between 5% and 15% would still normally be required by mortgage companies.

Buying a property through the scheme will still incur the normal costs associated with buying a property on the open market including valuation, mortgage and survey fees, legal fees and stamp duty.

Who is eligible?

To be eligible for the LCHO scheme applicants must:

  • be over 18 years of age
    be a UK or EU / EEA passport holder or have ‘Indefinite Leave to Remain’ stamped in their passport
    be a first time buyer*
    able to meet the long term financial commitment of home ownership
    not exceed the maximum household income; £35,000 for a single applicant or £45,000 for a joint applicant

*A first time buyer for this scheme is viewed as a person/s that have never owned a property (mortgaged or un-mortgaged) before, never jointly or part owned a property, or never had a name on a mortgage or title deeds. Consideration however will be given, on a case by case basis, to applicants who are first time buyers in their own right, where a property may previously have been owned jointly, but is now sold, for example as a result of a divorce.

Priority will be given to those who with a local connection.

Occupancy restrictions apply to this development, please get in touch for more information.

When will the 30% share be paid back?

The 30% equity share will need to be paid back to Wales & West Housing at the market rate at the time the property is sold. This can mean you may need to pay back more than the original 30% if the property value has increased, or less if the property value has decreased.

How much will the property cost?

As part of the scheme the properties will be offered to eligible purchasers for 70% of market value.

For example, if the property is valued at £100,000, the purchaser will need to obtain a mortgage for £70,000 and Wales & West Housing will retain the 30% value of £30,000.

What are the costs involved in purchasing a property?

Buying a property under the scheme will involve having to pay all the normal costs associated with purchasing a property on the open market, including:

valuation / survey fees
solicitor fees
land registry costs
search fees
mortgage deposit
stamp duty

It is advisable that you have savings to cover these costs. In addition to the above one-off costs associated with purchasing a property, you will also be responsible for ongoing expenses such as:

monthly mortgage payments
council tax payments
utility bills: gas, electricity, water etc.
property maintenance and repair costs
contents insurance
life insurance or mortgage life insurance

It is the purchasers’ responsibility to clarify and consider all possible costs associated with buying and running a property.

Is there a service charge/maintenance charge payable for this property?

There are some charges applicable for some of our Low Cost Home Ownership Schemes. This information will be provided on a scheme by scheme basis.

Available homes...

Reserved
£112,000
2 bedroom semi detached
32 Rhoose Way, Rhoose, Vale of Glamorgan

An opportunity to purchase a brand new home at 70% of the open market value. This is subject to meeting certain criteria.

Learn more

Interested?

For further information or to request a viewing, contact McCartneys LLP Estate Agents on 01874 610990.
Please note that prospective buyers will need to submit an application form to Wales and West Housing to ensure that they meet the criteria for the scheme. These forms are available by request.

 

Interested?

For further information or to request a viewing, contact McCartneys LLP Estate Agents on 01874 610990.
Please note that prospective buyers will need to submit an application form to Wales and West Housing to ensure that they meet the criteria for the scheme. These forms are available by request.

 

What is the low cost home ownership scheme?

This scheme is operated by Wales & West Housing in partnership with the local authority to assist first time buyers* who want to get onto the property ladder but cannot meet the full cost of buying their first home.

Homes under the schemes are offered to buyers at 70% of the open market value. You would own the property outright but Wales & West Housing would hold a legal charge on the remaining 30% equity share. You would only need to raise a mortgage/deposit for the 70% and no interest or rent would be payable on the 30% equity share.

Successful applicants will need to demonstrate by way of a mortgage in principal that they are able to finance 70% of the property value. A deposit of between 5% and 15% would still normally be required by mortgage companies.

Buying a property through the scheme will still incur the normal costs associated with buying a property on the open market including valuation, mortgage and survey fees, legal fees and stamp duty.

Who is eligible?

To be eligible for the LCHO scheme applicants must:

  • be over 18 years of age
    be a UK or EU / EEA passport holder or have ‘Indefinite Leave to Remain’ stamped in their passport
    be a first time buyer*
    able to meet the long term financial commitment of home ownership
    not exceed the maximum household income; £35,000 for a single applicant or £45,000 for a joint applicant

*A first time buyer for this scheme is viewed as a person/s that have never owned a property (mortgaged or un-mortgaged) before, never jointly or part owned a property, or never had a name on a mortgage or title deeds. Consideration however will be given, on a case by case basis, to applicants who are first time buyers in their own right, where a property may previously have been owned jointly, but is now sold, for example as a result of a divorce.

Priority will be given to those who with a local connection.

Occupancy restrictions apply to this development, please get in touch for more information.

When will the 30% share be paid back?

The 30% equity share will need to be paid back to Wales & West Housing at the market rate at the time the property is sold. This can mean you may need to pay back more than the original 30% if the property value has increased, or less if the property value has decreased.

How much will the property cost?

As part of the scheme the properties will be offered to eligible purchasers for 70% of market value.

For example, if the property is valued at £100,000, the purchaser will need to obtain a mortgage for £70,000 and Wales & West Housing will retain the 30% value of £30,000.

What are the costs involved in purchasing a property?

Buying a property under the scheme will involve having to pay all the normal costs associated with purchasing a property on the open market, including:

valuation / survey fees
solicitor fees
land registry costs
search fees
mortgage deposit
stamp duty

It is advisable that you have savings to cover these costs. In addition to the above one-off costs associated with purchasing a property, you will also be responsible for ongoing expenses such as:

monthly mortgage payments
council tax payments
utility bills: gas, electricity, water etc.
property maintenance and repair costs
contents insurance
life insurance or mortgage life insurance

It is the purchasers’ responsibility to clarify and consider all possible costs associated with buying and running a property.

Is there a service charge/maintenance charge payable for this property?

There are some charges applicable for some of our Low Cost Home Ownership Schemes. This information will be provided on a scheme by scheme basis.

Lorem ipsum dolor sit amet, consectetur adipisicing elit. English

Click here